Greenfield development land prices fell by 0.4% in the
third quarter of 2016, meaning they have fallen by 2.6% between April and the
end of September and by 3.9% over 12 months. The index data also shows that in
prime central London land prices are down by 10.3% on the year, and are now at
around the same levels as June 2014. Meanwhile, prices for urban brownfield
land values remain unchanged and are up 6% on an annual basis, mirroring the
outperformance of housing markets in urban centres where average capital values
mean there is a wide pool of demand which is not being matched by supply. The
report says that the declines reflect the uncertainty around Brexit and the
potential resulting impact on the UK economy. Read more on Property Wire.
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